Student Loan Consolidation Calculator

The Student Loan Consolidation and Debt Payoff Calculator will show you two easy ways to pay off your high-interest debt – by consolidating your student loans and using the extra cash you save each month to pay off your higher interest debt sooner. It’s a win-win!

We apply the amount of
payment savings you choose to
your non-student loan debt with the highest interest rate. When that balance is paid in full, the balance with the next highest rate will be paid down. This continues until you have rolled through all of your balances and your non-student loan debt is paid in full. Click the "View Report" button for a detailed look at the results.

Definitions

Total monthly student loan payments: Total payments for all of your outstanding student loans. If the current payment total is less than the payment on your new consolidated loan, there will be no payment savings.

Total outstanding student loan debt: Total amount you owe on all of your student loans.

Interest rate for new consolidated loan: Annual interest rate for new consolidated loan

Term of new loan: The term in years for your new consolidated student loan is calculated as: 30 Years for debt of >$60,000, 25 years for balances of >$40,000, 20 years for balances of >$20,000, 15 years for balances of >$10,000. Any balance under $10,000 has a term of 12 years.

New monthly student loan payment: New calculated monthly payment for your consolidated student loan.

Monthly savings: Difference between your current student loan payments and your new consolidated loan payment. If the current payment total is less than the payment for your new consolidated loan, there will be no payment savings.

Additional payment: This dollar amount is an optional one that you’ll make in addition to your monthly minimum payment. It will pay down your non-student loan debt, such as credit cards, etc. The higher this amount, the faster your debt will be paid off. We default this amount to be equal to your monthly payment savings from your student loans consolidation. Your additional payment should be one that you can afford, so we allow you to adjust this amount higher or lower than your actual savings from consolidation. For this debt payoff strategy to be effective you must be consistent in your payments. It’s better to be realistic than to choose an amount that is too high.

Credit cards: Enter up to four credit card accounts, one on each line.

Balance: Your current credit card balance.

Interest rates: The average annual percentage rate you pay. This interest rate is calculated for each of the debt categories you have including credit cards, auto loans, etc. For credit cards the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

Auto loans: Click on the "details" button to input any auto loans you have into the details page. This details page is designed to let you input your current balance, current monthly payment, and the interest rate for each loan. It then calculates the number of remaining payments. You can enter up to three auto loans.

Other loans: Click on the "details" button to input any additional installment loans you have into the details page. This details page is designed to let you input your current balance, current monthly payment, and the interest rate for each loan. It then calculates the number of remaining payments. You can enter up to six installment loans.

Payment: This is your monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can increase the time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.

(We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Payoff highest rate first: Leave this box checked to have the calculator payoff your balance with the highest rate first. You can uncheck this box to see the results of an alternate payment method. The alternate method pays off your balances starting with the lowest balance.

* Consolidation extends your repayment term and may increase the total amount you will pay over the life of the loan.